EFCC Scores Major Victory As Court Convicts Middleman Over ₦16 Million Dirty Money

The Federal High Court in Ikoyi, Lagos, has convicted and sentenced Sunmonu Olasunkanmi Thaoban to four years’ imprisonment for laundering ₦16 million.

Justice Akintayo Aluko delivered the judgment after Thaoban pleaded guilty to a two-count charge brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

The court, however, gave the convict an option of a ₦1.8 million fine.

According to the EFCC, Thaoban acted as a middleman in concealing the origin of ₦16 million believed to be proceeds of unlawful activities.

Prosecuting counsel, H. U. Kofarnaisa, told the court that the defendant converted the funds into a black 2018 Mercedes-Benz G-Wagon in an attempt to disguise their source.

The anti-graft agency said the offence violated the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

Following the defendant’s guilty plea, the prosecution reviewed the facts of the case and urged the court to convict him.

Justice Aluko subsequently found Thaoban guilty on both counts and sentenced him accordingly.

In addition to the prison term, the judge ordered the forfeiture of the black G-Wagon and the convict’s mobile phone to the Federal Government, ruling that both items were proceeds and instruments connected to the money laundering offence.

Four BDC Operators Also Convicted

In a separate ruling, Justice Aluko convicted four Bureau de Change (BDC) operators for engaging in unauthorised foreign exchange transactions.

The convicted operators are Umar Muhammad Lamido, Yusuf Musa Yusuf, Abdulmuhimin Mahmud and Muhammed Musa.

The EFCC prosecuted the four on separate one-count charges bordering on conducting foreign exchange transactions outside the approved market.

One of the charges alleged that Mahmud carried out an illegal foreign exchange transaction in Lagos on July 23, 2026, contrary to the National Economic Intelligence Committee Establishment Act.

All four defendants pleaded guilty to the charges.

After considering the evidence presented by the prosecution, Justice Aluko sentenced each of them to 12 months’ imprisonment, with an option of a ₦100,000 fine.